Gina Rinehart

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mantra
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Gina Rinehart

Post by mantra » Thu May 10, 2012 8:41 am

She claims to be such a private person, yet here she is showing the world how controlling and greedy she is. Her father Lang Hancock taught her well.

She has forsaken the love of her children in exchange for control of a small portion of the multi billion dollar Hancock Estate and rightfully belonging to her children, either for some personal insecurity issue or because she loves money more than her kids.

Even their legal team can't touch her because she's so powerful. Wealth wins out over fairness every time.

As much as many of the wealthy would love to - they can't take their cash with them when their time is up.
GINA Rinehart turned her family's trust dispute on its head, with a bold move revealed in court yesterday which puts three of her children at risk of financial ruin.

The family fall-out between Australia's richest person and her three eldest children took another twist as the Supreme Court was told the iron ore magnate has changed the vesting date of the family trust from 2068 to now - but the move, done on April 30, gives her children little more than paper money.

The move means Mrs Rinehart can no longer use her own discretion to divide up the wealth of the trust as she sees fit, as was a condition of the 1988 Hope Margaret Hancock trust.

But as she controls 75 per cent of the family's premier mining company Hancock Prospecting, she can decide if they are to receive dividends.

If the children apply for their shares in the company, they could face multi-million dollar tax complications which may bankrupt them.

And even if they got control of them, they would be unable to sell the shares because of a deed that prohibits anyone but "lineal descendants" of Mrs Rinehart having ownership of Hancock Prospecting.

She now holds her children's 25 per cent share of the Hancock Prospecting empire in a "bare trust" - and the court heard yesterday that John, Hope and Bianca will continue their Supreme Court action to have her removed as head of that trust.

The legal action began last September, just days after the vesting date of the trust that could have netted the children $1 billion each was pushed back 57 years.

Ginia, the youngest of the billionaire's four children and the daughter whose 25th birthday was supposed to mark the vesting date, is the only one who has sided with her mother in the dispute.

In an email to her children on September 3, Mrs Rinehart referred to advice she had from PricewaterhouseCoopers warning that the children could be pushed to "financial ruin" and each face a capital gains tax liability of $150 million if it were to vest now.

But the court heard that despite requesting this document "for seven or eight months", the children had yet to see it.

http://www.dailytelegraph.com.au/news/s ... 6351408285" onclick="window.open(this.href);return false;
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boxy
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Re: Gina Rinehart

Post by boxy » Thu May 10, 2012 3:37 pm

You can never have too many billions :roll:
"But you will run your fluffy bunny mouth at me. And I will take it, to play poker."

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Neferti
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Re: Gina Rinehart

Post by Neferti » Thu May 10, 2012 4:52 pm

Perhaps she made a promise to her Dad? Maybe her kids are greedy little shits? Just because you have money doesn't mean you have to leave it or dole it out to your kids to squander. :lol:

One thing for sure, she isn't wasting money on face lifts, diets or hairdos and expensive clothes and jewellery. She actually resembles some fat, old women who has lots of cats. I know nothing about her private life. Does anyone?

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mantra
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Re: Gina Rinehart

Post by mantra » Fri May 11, 2012 7:21 am

Neferti~ wrote:Perhaps she made a promise to her Dad? Maybe her kids are greedy little shits? Just because you have money doesn't mean you have to leave it or dole it out to your kids to squander. :lol:

One thing for sure, she isn't wasting money on face lifts, diets or hairdos and expensive clothes and jewellery. She actually resembles some fat, old women who has lots of cats. I know nothing about her private life. Does anyone?
She's too busy making money to bother with looking attractive. Why should she anyway? She can just buy whatever man she wants - if she still wants one.

If her kids are greedy little shits - that's because she lacked the time to put personal effort into raising them or her values were so lopsided that her children only see her as a bag of money. It's a bit sad - but we can't instill misguided values in our children and expect them to suddenly become rational when they reach adulthood.

I haven't met any fat old cat ladies - so I doubt she's into cats. Most of them are thin because they sacrifice their own sustenance to feed their beloved pets. I think she would have a couple of very large, savage guard dogs.

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Black Orchid
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Re: Gina Rinehart

Post by Black Orchid » Tue May 15, 2012 11:20 am

At least one of her kids was/is a drug addict. Perhaps she had her reasons for doing what she did.

Who knows. We sit here and judge but will never know the whole story

mellie
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Re: Gina Rinehart

Post by mellie » Wed May 16, 2012 10:18 am

I am on the fence with this, and like a couple of others have said, perhaps her kids are irresponsible selfish brats and cant be trusted with the family loot.

Just because one child is a druggy, selfish or whatever, isn't to say this was Gina's doing, every family has at least one black-sheep.


Look, I don't know the situation well enough to pass judgement, but will say, I think there's probably good cause to sit on the fence with this one and leave it to Gina to sort out her own family affairs.


Just because she's Australias wealthiest woman, doesn't mean she's Australia's worst mother or greediest person, rich people have problematic kids too.

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boxy
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Re: Gina Rinehart

Post by boxy » Wed May 16, 2012 12:47 pm

It's not the family's loot any more. After the 25th birthday of the youngest, it was supposed to be theirs to do with as they will. If they want to get away from an overbearing mother with it, that's supposed to be their decision. They're all adults.
"But you will run your fluffy bunny mouth at me. And I will take it, to play poker."

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Neferti
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Re: Gina Rinehart

Post by Neferti » Wed May 16, 2012 5:47 pm

boxy wrote:It's not the family's loot any more. After the 25th birthday of the youngest, it was supposed to be theirs to do with as they will. If they want to get away from an overbearing mother with it, that's supposed to be their decision. They're all adults.
I am not fussed about who gets what with this particular family. However, I think I read something along those lines too, Boxy. BUT your Will and Last Testament isn't worth the paper it is written on ........ The Judges will Award what they think to whomever, regardless of what the Will states. Just as well you are DEAD and don't see the shit fight over a house and furniture or whatever by the loving siblings and others.

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Neferti
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Re: Gina Rinehart

Post by Neferti » Thu May 24, 2012 5:54 pm

Gina is now the RICHEST WOMAN IN THE WORLD ......... good on her! She is obviously a shrewd woman and, not only has she retained her inheritance, she has built on it ... Well Done Gina! :thumb

Plough
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Re: Gina Rinehart

Post by Plough » Thu May 24, 2012 10:33 pm

She reminds me of Jabba the Hutt

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